DCSIMG

Top hotel goes on market

fairmont
st andrews

luxury hotel resort, golf
eating out guide 2010
GG
supplied comp from hotel

fairmont st andrews luxury hotel resort, golf eating out guide 2010 GG supplied comp from hotel

The Fairmont St Andrews Hotel and Golf Resort has confirmed several potential parties are interested in buying the property, which went up for sale three months ago.

However, the hotel was quick to stress that it was the physical property that was being sold and that Fairmont Hotels would continue to run the resort through its managed contract.

The luxury golf resort is on the market for £37 million.

The property is owned by a US-based real estate and private equity firm, ARES.

A spokesperson for the Fairmont said it was other property investment firms who were showing interest and a new owner was to be welcomed, with it most likely leading to further money being invested in the resort.

However, he denied the sale was linked to the hotel’s pre-tax losses of £12.8 million for 2012, posted earlier this year.

There had actually been a gross profit of £3.8 million in 2012 but it was wiped out by a £10.6 million “impairment charge” on the value of the property.

The spokesperson said the hotel’s performance over the last two years had continued to improve and with the Ryder Cup in Scotland this year, the Open in St Andrews in 2015 - the previous Open in the town in 2010 resulted in a record-breaking year for the Fairmont St Andrews - and a continued knock-on effect of increased visitors from the USA expected the following year, the future was looking extremely good.

The resort spans 520 acres, incorporating two golf courses and containing 209 rooms, three restaurants, two bars and a spa.

Fairmont manages hotels around the world, including the iconic Savoy Hotel in London and The Plaza in New York.

 

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